Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

May 13, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name:

Furukawa Co., Ltd.

Listing:
Securities code:
URL:
Representative:

Tokyo Stock Exchange5715
https://www.furukawakk.co.jp
Minoru Nakatogawa, President and Representative Director

Inquiries:
Telephone:

Tsuyoshi Tajika, General Manager, Accounting Department+81-3-6636-9502

Scheduled date of annual general meeting of shareholders:June 27, 2024

Scheduled date to commence dividend payments:
Scheduled date to file annual securities report:
Preparation of supplementary material on financial results:
Holding of financial results briefing:

June 28, 2024
June 27, 2024
Yes
Yes

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,
2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Fiscal year ended

Millions of yen

March 31, 2024
March 31, 2023

188,255
214,190

Note: Comprehensive income

Operating profit% Millions of yen(12.1)
7.6

8,524
9,031

Profit attributable toowners of parent

Ordinary profit% Millions of yen

(5.6)
16.8

10,384
9,348% Millions of yen
11.1
3.9

16,097
6,211

For the fiscal year ended March 31, 2024:¥ 30,776 million[248.5%]For the fiscal year ended March 31, 2023:¥ 8,830 million[10.1%]

Basic earnings
per share

Diluted earnings
per share

Return on equity

Ratio of ordinary
profit to total assets

%
159.1
(4.1)

Ratio of operating
profit to net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2024
March 31, 2023

429.28161.97

–
–

13.8
6.2

4.3
4.0

4.5
4.2

Reference: Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:¥ 539 million¥ (860) million

(2) Consolidated financial position
Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As ofMarch 31, 2024

Millions of yen
259,878

Millions of yen
133,272

%
50.0

Yen
3,493.08

March 31, 2023

232,745

106,05044.2

2,700.87

Reference: Equity
As of March 31, 2024:
As of March 31, 2023:¥ 129,907 million¥ 102,946 million(3) Consolidated cash flows
Cash flows from operating Cash flows from investing Cash flows from financing Cash and cash equivalents
activities
activities
activities
at end of period
Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2024
March 31, 2023

10,492
6,148

1,915(1,617)(8,446)(5,934)

18,193
13,606

2. Cash dividends
Annual dividends per share

Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)

Total cash
dividends (Total)

Payout ratio(Consolidated)

Ratio of dividends
to net assets(Consolidated)

Yen

Millions of yen

%

%

50.00

50.00

1,905

30.9

1.9

–

55.00

55.00

2,045

12.8

1.7

–

30.00

60.00

First
quarter-end

Secondquarter-end

Thirdquarter-end

Fiscalyear-end

Yen

Yen

Yen

Yen

–

0.00

–

–

0.00

–

30.00

Total

15.9

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2025 (from April 1, 2024 toMarch 31, 2025)(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

Six months ending
September 30, 2024

91,000

(4.0)

3,700

(19.6)

3,700(39.1)

10,000(22.6)

268.89Fiscal year ending
March 31, 2025

187,700

(0.3)

8,700

2.1

8,000

(23.0)

14,000(13.0)

376.45

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

40,445,568 shares

As of March 31, 2023

40,445,568 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

3,255,730 shares

As of March 31, 2023

2,329,563 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

37,498,667 sharesFiscal year ended March 31, 2023

38,351,979 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March
31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Fiscal year ended
March 31, 2024

Millions of yen
7,429

March 31, 2023

7,834

Operating profit% Millions of yen
(5.2)
2,568
2.2

Basic earnings
per share

Ordinary profit% Millions of yen(21.1)
3,150

3,254

4.8

3,195

Profit% Millions of yen(1.4)
12,643(12.7)

3,073

%
311.4
4.1

Diluted earnings
per share

Fiscal year ended

Yen

Yen

March 31, 2024
March 31, 2023

337.1780.14––(2) Non-consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

174,933
149,860

86,17165,72749.3
43.9

2,317.08
1,724.42

Reference: Equity
As of March 31, 2024:¥ 86,171 million

As of March 31, 2023:¥ 65,727 million

2. Forecast of non-consolidated financial results for the fiscal year ending March 31, 2025 (from April 1, 2024
to March 31, 2025)(Percentages indicate year-on-year changes.)
Net sales

Six months ending
September 30, 2024
Fiscal year ending
March 31, 2025

Operating profit

Ordinary profit

Basic earnings
per share

ProfitMillionsof yen%Millionsof yen%Millionsof yen%Millionsof yen

%

Yen

4,900

(4.6)

2,400

(11.4)

2,300(29.8)

9,500(23.2)

255.45

7,500

0.9

2,500

(2.7)

2,200

(30.2)

10,500(17.0)

282.34* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters(1) Caution concerning forward-looking statements
The forward-looking statements, including earnings outlook, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable by theCompany. The Company makes no warranty as to the achievability of the projections. Actual business and otherresults may differ substantially from the statements herein due to a number of factors. Please refer to 1.
Performance Overview, (1) Operating results, on page 2 of the attached material for the suppositions that form
the assumptions for earnings forecasts and cautions concerning the use thereof.
(2) Financial results briefing (for securities analysts and institutional investors)
The Company will hold a financial results briefing through livestreaming. Furthermore, the Company plans topost supplementary materials and a video of the results briefing on its website.

Furukawa Co., Ltd. (5715)

Attached Material
Index
1. Performance Overview ............................................................................................................................. 2(1) Operating results................................................................................................................................. 2(2) Financial position ............................................................................................................................... 6(3) Basic policy on distribution of profits and dividends for the fiscal year ended March 31, 2024
and the fiscal year ending March 31, 2025......................................................................................... 7
2. Basic Policy Regarding Selection of Accounting Standards..................................................................... 9
3. Consolidated Financial Statements and Significant Notes Thereto ........................................................ 10(1) Consolidated balance sheet .............................................................................................................. 10(2) Consolidated statement of income and consolidated statement of comprehensive income ............. 12
Consolidated statement of income.................................................................................................... 12
Consolidated statement of comprehensive income .......................................................................... 13(3) Consolidated statement of changes in equity ................................................................................... 14(4) Consolidated statement of cash flows .............................................................................................. 16(5) Notes to consolidated financial statements ....................................................................................... 17
Notes on going concern assumptions ............................................................................................... 17
Changes in accounting policies ........................................................................................................ 17
Segment information ........................................................................................................................ 17
Per share information ....................................................................................................................... 20
Material subsequent events .............................................................................................................. 20
Supplementary Material on Financial Results for the Fiscal Year Ended March 31, 2024........................... 21-1-

Furukawa Co., Ltd. (5715)

1. Performance Overview(1) Operating results(i) Overview(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Year-on-year change

Net sales

214,190

188,255(25,934)

Operating profit

9,031

8,524

(507)

Ordinary profit

9,348

10,384

1,036

Profit attributable to owners of parent

6,211

16,097

9,885

During the fiscal year under review (April 1, 2023–March 31, 2024), the Japanese economy
recovered moderately due to various government policies amid an improving employment andincome environment. Corporate earnings as a whole also improved. By contrast, global monetary
tightening, concerns over the Chinese economy, the situations in Ukraine and the Middle East, andother factors caused overseas economies to weaken, posing a risk of downward pressure on theJapanese economy.
In this economic environment, the Furukawa Company Group posted consolidated net sales of¥188,255 million, a decrease of ¥25,934 million from the previous fiscal year, and operating profitof ¥8,524 million, a decrease of ¥507 million. In the Machinery business, the Industrial Machinery
segment and the UNIC Machinery segment both reported decreases in sales and operating profit,
while the Rock Drill Machinery segment posted increases in sales and operating profit.
Accordingly, the Machinery business as a whole reported an increase in sales and a decrease inoperating profit. In the Materials business, the Metals segment reported lower sales and higher
operating profit, the Electronics segment lower sales and operating profit, and the Chemicals
segment higher sales and operating profit. Accordingly, the Materials business as a whole posted adecrease in sales and an increase in operating profit. Meanwhile, the Real Estate business reported
decreases in both sales and operating profit. Within non-operating income, we posted foreignexchange gains of ¥1,162 million. As a result, ordinary profit amounted to ¥10,384 million, an
increase of ¥1,036 million. Among extraordinary income, we posted a ¥13,433 million gain on saleof non-current assets, mainly from the transfer of a portion of the former Furukawa Osaka Buildingsite and other land as a co-ownership interest, as well as a ¥2,659 million gain on sale ofinvestment securities. Among extraordinary losses, we posted a ¥2,058 million loss on liquidationof investments and loans in affiliated companies associated with the transfer of shares in Cariboo
Copper Corp. (25% interest in the Gibraltar Copper Mine in Canada). Accordingly, profit
attributable to owners of parent was ¥16,097 million, an increase of ¥9,885 million.
(ii) Results by business segment
Industrial Machinery(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Year-on-year change

Sales

17,943

15,548(2,394)

Operating profit

1,515

389

(1,125)

Sales in the Industrial Machinery segment amounted to ¥15,548 million, a decrease of ¥2,394
million, and operating profit was ¥389 million, a decrease of ¥1,125 million. The order backlog at
year-end was higher than a year earlier due to orders received for the Hachioji South Bypass
Ofuna–Terada viaduct and for excavated soil and sand conveying equipment for tunnel
construction, as well as aggregate conveying equipment related to new dam construction. As forrevenue, sales of material machinery were on a par with the previous fiscal year, but sales of pumpequipment and environmental products declined. In the infrastructure business, we reported sales
corresponding to progress, including the Shimizu IC No. 3 Viaduct Steel Upper Structure and-2-

Furukawa Co., Ltd. (5715)

excavated soil and sand conveying equipment for tunnel construction, resulting in a year-on-yearincrease in sales. The decrease in operating profit resulted from additional costs incurred related tomaterial machinery stemming from delays in plant construction and other factors.
Rock Drill Machinery(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Sales

35,752

38,682

2,930

Operating profit

3,030

4,148

1,117

Year-on-year change

Sales in the Rock Drill Machinery segment totaled ¥38,682 million, an increase of ¥2,930 million
year on year, and operating profit was ¥4,148 million, an increase of ¥1,117 million. In Japan, sales
increased due to a rise in shipments of auxiliary parts, such as hydraulic crawler drills, and anincrease in orders for maintenance services. Overseas, shipments of hydraulic breakers andhydraulic crawler drills to North America were strong, while shipments of hydraulic crawler drills
to the Middle East and Africa increased. With the added benefit of the yen’s depreciation, overseas
sales increased year on year.
UNIC Machinery(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Year-on-year change

Sales

27,961

27,853(108)

Operating profit

1,547

1,158

(389)

Sales in the UNIC Machinery segment totaled ¥27,853 million, a decrease of ¥108 million, andoperating profit was ¥1,158 million, a decrease of ¥389 million. In Japan, we reported an increasein sales due to a recovery in truck production, which had suffered delays, as well as higher
shipments of UNIC cranes owing to a year-on-year increase in the number of trucks supplied.
However, the cost of sales ratio deteriorated and earnings declined due to ongoing shipments ofproducts sold before price hikes, which we implemented to address soaring prices of steel and otherraw materials. Overseas, we posted a decrease in sales due to lower shipments to China, Southeast
Asia, Europe, and other regions.
[Machinery Business Total](Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

81,65882,085427

Operating profit

6,093

5,696

(397)

Year-on-year change

Total sales of the Machinery business—consisting of the Industrial Machinery, Rock Drill
Machinery, and UNIC Machinery segments—amounted to ¥82,085 million, an increase of ¥427
million year on year, and operating profit was ¥5,696 million, a decrease of ¥397 million.

-3-

Furukawa Co., Ltd. (5715)

Metals(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Year-on-year change

111,424

84,712(26,711)

1,276

1,945

668

Sales
Operating profit

Sales in the Metals segment amounted to ¥84,712 million, a decrease of ¥26,711 million year on
year, and operating profit was ¥1,945 million, an increase of ¥668 million. The overseas market
price of electrolytic copper started the period at US$8,966/ton and rose to the US$9,000/ton levelin mid-April but fell below US$8,000/ton in the latter half of May, mainly due to prolonged
demand weakness in China. Subsequently, the price rose and fell repeatedly, mainly due a mixtureof expectations and uncertainty about a recovery in demand in China, and ended the period at
US$8,729/ton. The termination of our entrusted copper smelting agreement with Onahama
Smelting and Refining Co., Ltd. on March 31, 2023 resulted in electrolytic copper production of
48,262 tons (a decrease of 21,924 tons from the previous fiscal year), leading to decreases in sales
volume and revenue. On the other hand, operating profit increased thanks to income fluctuations inmetal prices and an improvement in the balance of entrusted smelting income and expenses.
Electronics(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Year-on-year change

6,926

6,766

(159)

500

212

(288)

Sales
Operating profit

Sales in the Electronics segment amounted to ¥6,766 million, a decrease of ¥159 million year on
year, and operating profit was ¥212 million, a decrease of ¥288 million. Sales of high-purity
metallic arsenic remained at the same level as the previous fiscal year, although the market cycle
for compound semiconductors, a major application for this material, bottomed out both in Japanand overseas. Sales of crystal products decreased significantly due to inventory adjustments byusers, while sales of aluminum nitride ceramics declined significantly due to sluggish demand forcomponents used in semiconductor manufacturing equipment. Sales of coils increased due to therecovery in automobile production as the semiconductor shortage was resolved.
Chemicals(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

8,454

8,908

454

532

608

75

Sales
Operating profit

Year-on-year change

Sales in the Chemicals segment amounted to ¥8,908 million, an increase of ¥454 million year on
year, and operating profit was ¥608 million, an increase of ¥75 million. Sales of cupric oxide
benefited from an increase in unit selling prices stemming from higher copper prices and pricerevisions. However, demand for PCs and smartphones, as well as package substrates used inservers and other products, declined. Accordingly, overall sales of cupric oxide remained mostly
unchanged year on year. Meanwhile, sales of cuprous oxide increased on the back of strong
demand for ship-bottom paints, a major application for that product, as well as higher unit selling
prices owing to rising copper prices and price revisions.

-4-Furukawa Co., Ltd. (5715)[Materials Business Total](Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Year-on-year change

126,804

100,388(26,416)

2,309

2,765

456

Net sales
Operating profit

Total sales of the Materials business—consisting of the Metals, Electronics, and Chemicals
segments—amounted to ¥100,388 million, a decrease of ¥26,416 million year on year, andoperating profit was ¥2,765 million, an increase of ¥456 million.
Real Estate(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Year-on-year change

2,056

1,873

(182)

835

470

(365)

Sales
Operating profit

Sales in the Real Estate business amounted to ¥1,873 million, a decrease of ¥182 million year on
year, and operating profit was ¥470 million, a decrease of ¥365 million. As for the Muromachi
Furukawa Mitsui Building (commercial name: COREDO Muromachi 2), our main facility, rent
income, which varies according to sales of the commercial facility, recovered to the pre-COVID
level. However, overall revenues from office rents declined due to lower unit rent prices affected byoversupply in the central Tokyo market.
Others(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Sales

3,671

3,908

237

Operating profit

(133)

(293)

(160)

Year-on-year changeThis segment covers metal powder, casting, transportation, and other businesses. In the fiscal year
under review, the segment recorded sales of ¥3,908 million, an increase of ¥237 million year on
year, and an operating loss of ¥293 million, an increase of ¥160 million.
(iii) Outlook for the next fiscal year
For the fiscal year ending March 31, 2025, we forecast consolidated net sales of ¥187,700 million,a decrease of ¥555 million year on year, and operating profit of ¥8,700 million, an increase of ¥175
million. Our forecasts by business segment are described below.
In the Industrial Machinery segment, we forecast an increase in sales related to large-scale projects(where demand for belt conveyors is expected to grow), as well as higher sales of pumps, pumpequipment, material machinery, and bridge-related project. For the segment overall, we forecast
increases in both sales and operating profit.
In the Rock Drill Machinery segment, we anticipate that the trend of restraint in Japan related topurchasing rental-use hydraulic breakers has bottomed out. Overseas, however, demand will run its
course, especially in the United States where sales were particularly strong in the fiscal year underreview, leading to a significant year-on-year decline in segment sales. Overall, we forecast
decreases in both sales and operating profit.
In the UNIC Machinery segment, we anticipate an increase in sales in Japan on the back of higher
truck production and shipments and an increase in orders for UNIC cranes. We also expect our-5-Furukawa Co., Ltd. (5715)

efforts to strengthen sales in Europe, the United States, Southeast Asia, and the Middle East to
result in higher overseas sales. Overall, we forecast an increase in segment sales, as well as a rise inoperating profit on the back of higher sales and the fact that shipments of products before priceincreases have run their course.
For the Metals segment, our projections are based on an assumed copper price of US$9,000/ton andan exchange rate of ¥145/US$1. We forecast a year-on-year decline in sales volume, reflecting
electrolytic copper production of 46,601 tons (a decrease of 1,661 tons year on year), which will
result in lower segment sales. We also forecast a decrease in operating profit due to the absence of again from price differentials (which boosted profit in the fiscal year under review).
In the Electronics segment, we forecast an increase in sales on the back of demand for high-purity
metallic arsenic (for which market conditions have already recovered), crystal products (for whichusers inventory adjustments are expected to settle down in the second half of the year andthereafter), and aluminum nitride ceramics (for which demand for semiconductor production
equipment components is expected to recover). Overall, we forecast increases in both sales andoperating profit.
In the Chemicals segment, sales of cupric oxide and other products are expected to increase due toa gradual recovery in demand for PCs and smartphones. Overall, we forecast an increase insegment sales. Due to cost increases caused by raw material shortages, however, we expect
operating profit to remain mostly unchanged.
In the Real Estate business, we anticipate an increase in revenue from Muromachi Furukawa Mitsui
Building (commercial name: COREDO Muromachi 2), our main facility, mainly due to higher
office occupancy rates. Accordingly, we forecast increases in both sales and operating profit.
As a result, we forecast ordinary profit of ¥8,000 million, a decrease of ¥2,384 million from thefiscal year under review (when we benefited from foreign exchange gains and other factors). We
also forecast profit attributable to owners of parent of ¥14,000 million, a decrease of ¥2,097 million
from the fiscal year under review (when we posted a significant gain on sale of non-current assets),
despite our expectation of extraordinary income in the form of a gain on sale of investment
securities associated with a reduction of strategic shareholdings.
(2) Financial position(i) Assets, liabilities, and net assets(Millions of yen)
As ofMarch 31, 2023

As ofMarch 31, 2024

Total assets

232,745259,878

Liabilities

126,695

126,605(89)(Interest-bearing debt)

62,84858,389(4,459)Net assets

106,050

133,272

27,222

44.2

50.0

5.8

Equity-to-asset ratio(%)

Year-on-year change
27,132As of March 31, 2024, total assets amounted to ¥259,878 million, an increase of ¥27,132 million
from a year earlier. This was mainly due to a decrease in notes and accounts receivable - trade, andcontract assets and an increase in cash and deposits, as well as an increase in investment securities
due to higher share prices of listed stocks. We also reported proceeds from the transfer of a portionof the former Furukawa Osaka Building site and other land as a co-ownership interest, which led to
an increase in long-term accounts receivable - other (included in “Other” under “Investments andother assets”). Interest-bearing debt at fiscal year-end amounted to ¥58,389 million, a decrease of¥4,459 million from a year earlier, and total liabilities amounted to ¥126,605 million, a decrease of¥89 million. Net assets totaled ¥133,272 million, an increase of ¥27,222 million, and the equity-toasset ratio was 50.0%, an increase of 5.8 percentage points.

-6-

Furukawa Co., Ltd. (5715)(ii) Cash flows(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from operating activities

6,148

10,492

4,344

Cash flows from investing activities(1,617)

1,915

3,533

Cash flows from financing activities(5,934)(8,446)(2,512)

Cash and cash equivalents

13,60618,193

4,587

Year-on-year change

Net cash provided by operating activities amounted to ¥10,492 million, mainly reflecting profit
before income taxes. Net cash provided by investing activities totaled ¥1,915 million, mainly due
to ¥5,464 million in proceeds from sale of property, plant and equipment and ¥3,128 in proceedsfrom sale of investment securities, which contrasted with ¥6,405 million in purchase of property,
plant and equipment. Net cash used in financing activities was ¥8,446 million, mainly reflecting
repayments of borrowings and dividends paid, which contrasted with ¥5,000 million in proceedsfrom issuance of bonds. As a result, cash and cash equivalents at end of period amounted to¥18,193 million, an increase of ¥4,587 million from a year earlier.
(iii) Trends in cash flow indicators
Fiscal year ended Fiscal year ended Fiscal year ended Fiscal year ended
March 31, 2021
March 31, 2022
March 31, 2023
March 31, 2024
Equity-to-asset ratio

(%)

42.0

42.3

44.2

50.0

Market value equity ratio

(%)

23.9

21.8

20.9

25.9

Debt repayment ratio(Years)

11.5

7.5

10.2

5.6

Interest coverage ratio(Times)

13.1

20.4

12.4

20.9

Notes: Equity-to-asset ratio: equity / total assets
Market value equity ratio: market capitalization / total assets
Debt repayment ratio: interest-bearing debt / operating cash flow
Interest coverage ratio: operating cash flow / interest payment
1) All indicators are calculated using consolidated-based financial figures.
2) Market capitalization is calculated by multiplying the closing share price at the end of the period by the
total number of issued shares at the end of the period (excluding treasury shares).
3) Operating cash flow represents cash flows from operating activities in the consolidated statement of cash
flows.
4) Interest-bearing debt represents the liabilities in the consolidated balance sheet on which interest is paid.
5) Interest payment represents interest paid in the consolidated statement of cash flows.

(3) Basic policy on distribution of profits and dividends for the fiscal year ended March 31, 2024 andthe fiscal year ending March 31, 2025
The Company provides stable and continuous returns to shareholders while placing priority on
investments to ensure sustainable growth and increased corporate value over the medium to long term.
(i)

Policy on dividends
For dividends, we look to provide increased dividends and interim dividends and as a general ruletarget annual dividends per share of ¥50 or more and ratio of total shareholder return on equity on
a consolidated basis of 3% or more.

(ii) Internal reserves
Placing emphasis on internal reserves essential for securing revenue, we approach to investment
to focus on profitability while considering the risks and cost of capital accompanying suchinvestment.

-7-

Furukawa Co., Ltd. (5715)(iii) Policy on purchase and retirement of treasury shares
We look to purchase and retire treasury shares while considering share price trends, capitalefficiency, cash flows, etc. We target a purchase of treasury shares of approximately ¥1.5 billion
to ¥2.0 billion per fiscal year and a total of approximately ¥5.0 billion for the three-year period
from the fiscal year ended March 31, 2024 to the fiscal year ending March 31, 2026.
For the fiscal year ended March 31, 2024, we plan to pay a year-end dividend of ¥55.00 per share.
For the fiscal year ending March 31, 2025, we forecast a dividend of ¥30.00 per share in the second
quarter and a year-end dividend of ¥30.00 per share.

-8-Furukawa Co., Ltd. (5715)

2. Basic Policy Regarding Selection of Accounting Standards
For the time being, the Group intends to use Japanese Generally Accepted Accounting Principles(Japanese GAAP) to prepare its consolidated financial statements in order to facilitate comparison withother financial periods and other companies.
As for the application of International Financial Accounting Standards (IFRS), the Group plans toappropriately respond after considering the circumstances in Japan and overseas.

-9-

Furukawa Co., Ltd. (5715)

3. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 10 -

As of March 31, 2024

13,606

18,51335,50230,40818,705
12,213
15,5844,318(47)
99,882

20,044
13,67013,6993,350(50)
99,63623,435
9,384
53,910
463
900
2,888
90,981317

23,365
9,952
51,765
592
3,412
2,957
92,045342

34,711
4,573
749
351
1,947
(769)
41,563
132,862
232,745

47,383
5,112
432
2,692
14,659(2,426)67,853
160,241
259,878

Furukawa Co., Ltd. (5715)(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Accounts payable - other
Income taxes payable
Provision for bonuses
Provision for loss on construction contracts
Provision for environmental measures
Provision for loss on litigation
Other provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
Provision for environmental measures
Other provisions
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 11 -

As of March 31, 2024

14,397
9,244
16,607186
12,806
1,711
137
6
58
–
–
7,954
63,111

14,267
11,135
6,558
250
9,862
3,169
145
–
5
136
67
6,070
51,669–46,240387
10,141
1,367
2,481
–
97
228
2,638
63,583
126,695

5,000
46,831657
17,083
1,364
956
15
5
234
2,788
74,935
126,605

28,2082
58,847(3,086)
83,971

28,2082
73,046(4,707)96,54912,320
(77)
2,582
1,564
2,584
18,974
3,103
106,050
232,745

23,342
36
2,575
2,232
5,172
33,3583,365
133,272
259,878

Furukawa Co., Ltd. (5715)(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight and incidental costs
Salaries, allowances and bonuses
Provision for bonuses
Provision for retirement benefits
Provision of allowance for doubtful accounts
Research and development expenses
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodAdministrative expenses of inactive mountain
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses
Demolition expenses of a rental building
Loss on liquidation of investments and loans inaffiliated companies
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent- 12 -

Fiscal year ended
March 31, 2024

214,190
185,575
28,615

188,255
160,010
28,245

3,005
7,910
78
525
10
1,055
6,998
19,583
9,031

2,572
8,230
78
401
–
935
7,503
19,721
8,524

847

991

–

539

1,462
836
3,146

1,162
961
3,655

501

510

860

–

814
654
2,829
9,348

816
467
1,795
10,384

47
362
0
410

13,433
2,659–
16,092

470

458

–

2,058

781
1,252
8,506
2,811
(762)
2,049
6,457
245
6,211

708
3,224
23,252
5,378
1,552
6,931
16,321
224
16,097

Furukawa Co., Ltd. (5715)

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 13 -

Fiscal year ended
March 31, 2024

6,457

16,321

491
106
1,413
77

11,027
93
996
2,587

282

(250)

2,373
8,830

14,45430,776

8,522

30,488308

287

Furukawa Co., Ltd. (5715)(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of
periodCapital surplus

28,208Retained earnings
2

Total shareholders’equityTreasury shares

54,557(2,197)80,570Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Net changes in items
other than shareholders’equity(1,941)(1,941)

6,211

6,211
(888)

(888)

19

Total changes during period
Balance at end of period

19

–

–

4,290

(888)

3,401

28,2082

58,847(3,086)

83,971

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

11,832

(292)

2,602

35

Remeasurements ofdefinedbenefit plans

Total
accumulated
othercomprehensive income

Noncontrollinginterests

Total net
assets

2,506

16,6832,821

100,075

Changes during period(1,941)Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Net changes in items
other than shareholders’equity

6,211
(888)
19
487

215

(19)

1,529

77

2,291

282

2,573

Total changes during period

487

215

(19)

1,529

77

2,291

282

5,975

Balance at end of period

12,320

(77)

2,582

1,564

2,584

18,974

3,103

106,050- 14 -

Furukawa Co., Ltd. (5715)

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of
periodCapital surplus

28,208Retained earnings
2

58,847

Total shareholders’equityTreasury shares(3,086)

83,971

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Net changes in items
other than shareholders’equity(1,905)(1,905)16,097

16,097(1,621)(1,621)

7

Total changes during period
Balance at end of period

7

–

–

14,198(1,621)

12,57728,2082

73,046(4,707)96,549

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Remeasurements ofdefinedbenefit plans

Total
accumulated
othercomprehensive income

Noncontrollinginterests

Total net
assets12,320

(77)

2,582

1,564

2,584

18,974

3,103

106,050

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Net changes in items
other than shareholders’equity(1,905)16,097(1,621)
7
11,022

113

(7)

667

2,587

14,383261

14,645

Total changes during period

11,022

113

(7)

667

2,587

14,383261

27,222

Balance at end of period

23,342

36

2,575

2,232

5,172

33,3583,365

133,272- 15 -

Furukawa Co., Ltd. (5715)(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sale of property, plant and equipment
Loss (gain) on sale of investment securities
Share of loss (profit) of entities accounted for using
equity method
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Payments for retirement of property, plant andequipment
Proceeds from sale of investment securities
Proceeds from sale of shares of subsidiaries andassociates
Proceeds from a partial refund of consideration for
acquisition from the seller by adjusting theconsideration of shares of subsidiaries
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Repayments of finance lease liabilities
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 16 -

Fiscal year ended
March 31, 2024

8,506
4,114
255
(362)

23,252
4,387(13,150)(2,659)

860

(539)

(7)
(1,110)501(81)(6,798)3,219(2,143)(1,119)
3,058
8,892
1,073
(494)
(3,400)
76
6,148

1,583
(1,331)
510
(482)
5,366
(314)
1,109
(3,832)(1,074)
12,828
1,381(503)(4,116)902
10,492(0)(3,361)239(319)(6,405)
5,464

(261)

(255)

1,380

3,128

–

430

420

–

(34)
(1,617)

(128)
1,915

57,408(58,300)
3,200(5,176)
–
(208)
(888)
(1,942)(25)(5,934)

14,748(21,860)
6,630(9,180)5,000(231)(1,621)(1,904)(26)(8,446)

541

625

(862)
14,46813,606

4,587
13,60618,193Furukawa Co., Ltd. (5715)(5) Notes to consolidated financial statements
Notes on going concern assumptions
Not applicable.
Changes in accounting policies
Not applicable.
Segment information[Segment information]
1. Overview of reportable segments
The reportable segments of the Group are components of the Group for which discrete financial
information is available and regularly reviewed by the Board of Directors to make decisions
about the allocation of managerial resources and to assess their performance.
The Group is mainly engaged in the manufacturing and sales of machinery, copper smelting on
consignment and sales, and the manufacturing and sales of electronics and chemicals in Japanand overseas.
In the Group, under the operating holding company structure, each core operating company
establishes comprehensive strategies and conducts business activities in Japan and overseas forthe products it handles, and the Company manages and monitors each core operating company.
As such, the Group is composed mainly of segments structured around products based on its
core operating companies. There are seven reporting segments: “Industrial Machinery,” “RockDrill Machinery,” “UNIC Machinery,” “Metals,” “Electronics,” “Chemicals,” and “RealEstate.”The Industrial Machinery segment manufactures, sells, and services pumps, crushers, grinding
mills, classifiers, separators, conveyor belts, environmental preservation machines, recycling
plants, steel structures, bridges, etc., and concludes various construction contracts. The Rock
Drill Machinery segment manufactures and sells rock drills such as hydraulic breakers,
hydraulic crushers, blast hole drills (pneumatic and hydraulic crawler drills, down-the-holedrills, attachment drills, etc.), and tunnel and mining drill jumbos (tunnel drill jumbos, concrete
sprayers, drill jumbos used in mines, etc.). The UNIC Machinery segment manufactures andsells UNIC cranes, mini crawler cranes, ocean cranes, and UNIC carriers. After purchasing
copper concentrates from overseas, the Metals segment manufactures and sells electrolytic
copper, electrolytic gold, electrolytic silver, and sulfuric acid which are smelted on
consignment by joint smelting companies. This segment also digs and sells limestone. The
Electronics segment manufactures and sells high-purity metallic arsenic, crystal products, coresand coils, aluminium nitride ceramics, and optical components. The Chemicals segment
manufactures and sells sulfuric acid, polyferric sulfate solutions, sulfuric acid bands, cuprous
oxide, and cupric oxide, and sells titanium oxide. The Real Estate segment is engaged in theleasing and transaction of real estate.
2. Method for calculating amounts of net sales, profit or loss, assets, and other items by reportablesegment
The accounting method for the operating segments that are reportable is the same as describedin “Significant Matters as Basis for Preparing Consolidated Financial Statements” (in Japaneseonly).
The profit stated for the reportable segments is a figure based on operating profit. Intersegment
revenue or transfers are based on actual market price.

- 17 -

Furukawa Co., Ltd. (5715)

3. Information relating to the amounts of net sales, profit or loss, assets, and other items byreportable segment
Fiscal year ended March 31, 2023
(Millions of yen)
Reportable segment

Net sales
Net sales to externalcustomers
Intersegment net sales ortransfers
Total

Industrial
Machinery

Rock Drill
Machinery

UNIC
Machinery

17,94335,752

27,961

2,892

3

MetalsElectronics

Chemicals

111,424

6,926

8,454

280

228

–

55
8,509

20,83635,75628,242

111,652

6,926

Segment profit (loss)

1,515

3,030

1,547

1,276

500

532

Segment assets

26,562

38,79531,65933,533

8,861

17,171

507
–

916
–

1,178
8

160
–

321
–

238
–

–

–

137

2,826

204

–

912

708

504

208

1,125

237

Eliminations/
corporate(Note 2)

Amountrecorded in the
consolidated
statement ofincome(Note 3)

Other items
Depreciation
Amortization of goodwill
Investments in entities
accounted for using equity
methodIncrease in property, plantand equipment and intangible
assetsReportable segment

Real Estate

Net sales
Net sales to externalcustomers
Intersegment net sales ortransfers
Total
Segment profit (loss)
Segment assets
Other items
Depreciation
Amortization of goodwill
Investments in entities
accounted for using equity
methodIncrease in property, plantand equipment and intangible
assetsOthers(Note 1)

Total

Total

2,056

210,519

3,671

214,190–

214,190

11

3,472

1,805

5,278

(5,278)–2,068

213,991

5,476

219,468(5,278)214,190

835

9,238

(133)

9,104

(73)

9,031

26,642

183,227

5,269

188,497

44,248

232,745

390
–

3,712
8

132
–

3,844
8

42
–

3,887
8

–

3,168

175

3,343

–

3,343

3

3,701

204

3,906

281

4,187

Notes: 1. The “Others” category refers to business segments not included in the reportable segments, and includes themetal powder business, casting business, transportation business, and other businesses.
2. Eliminations/corporate are as follows:(1) Segment profit (loss) adjustment of ¥(73) million includes eliminations of intersegment transactions of ¥37
million and company-wide expenses not allocated to each reportable segment of ¥(110) million. Companywide expenses are mainly expenses related to deserted metal mine assets and deserted coal mine assets that do
not belong to the reportable segments.
(2) Segment assets adjustment is ¥44,248 million, composed mainly of surplus working capital (cash and deposits)
and long-term investment funds (investment securities).
3. Segment profit (loss) is adjusted to operating profit in the consolidated statement of income.

- 18 -

Furukawa Co., Ltd. (5715)

Fiscal year ended March 31, 2024
(Millions of yen)
Reportable segment

Net sales
Net sales to externalcustomers
Intersegment net sales ortransfers
Total
Segment profit (loss)
Segment assets
Other items
Depreciation
Amortization of goodwill
Investments in entities
accounted for using equity
methodIncrease in property, plantand equipment and intangible
assetsIndustrial
Machinery

Rock Drill
Machinery

UNIC
Machinery

15,54838,682

27,8532,849

518,398389

MetalsElectronics

Chemicals

84,712

6,766

8,908

345

244

–

56

38,68828,19984,957

6,766

8,965

4,148

1,158

1,945

212

608

30,08038,071

31,21327,6508,627

17,380

508
–

989
1

1,216
8

222
–

415
–

237
–

–

–

136

622

–

–

2,547

1,025

857

428

720

432

Eliminations/
corporate(Note 2)

Amountrecorded in the
consolidated
statement ofincome(Note 3)

Reportable segment

Real Estate

Net sales
Net sales to externalcustomers
Intersegment net sales ortransfers
Total
Segment profit (loss)
Segment assets
Other items
Depreciation
Amortization of goodwill
Investments in entities
accounted for using equity
methodIncrease in property, plantand equipment and intangible
assetsOthers(Note 1)

Total

Total

1,873

184,346

3,908

188,255–

188,255

9

3,511

1,878

5,390

(5,390)–1,883

187,858

5,787

193,645(5,390)188,255

470

8,932

(293)

8,638

(114)

8,524

34,889187,9125,293

193,205

66,672259,878

397
–

3,987
10

151
–

4,139
10

55
–

4,194
10

–

759

197

957

–

957

1,232

7,243

183

7,427

585

8,013

Notes: 1. The “Others” category refers to business segments not included in the reportable segments, and includes themetal powder business, casting business, transportation business, and other businesses.
2. Eliminations/corporate are as follows:(1) Segment profit (loss) adjustment of ¥(114) million includes eliminations of intersegment transactions of ¥5
million and company-wide expenses not allocated to each reportable segment of ¥(120) million. Companywide expenses are mainly expenses related to deserted metal mine assets and deserted coal mine assets that do
not belong to the reportable segments.
(2) Segment assets adjustment is ¥66,672 million, composed mainly of surplus working capital (cash and deposits)
and long-term investment funds (investment securities).
3. Segment profit (loss) is adjusted to operating profit in the consolidated statement of income.

- 19 -

Furukawa Co., Ltd. (5715)

Per share information(Yen)
Fiscal year ended March 31,
2023
Net assets per share
Basic earnings per share

Fiscal year ended March 31,2024

2,700.87

3,493.08

161.97429.28Notes: 1. The amount of diluted earnings per share is not provided because there are no potential shares.
2. The bases for calculating basic earnings per share are as follows:
Fiscal year ended March 31,
2023

Fiscal year ended March 31,2024

Basic earnings per share
Profit attributable to owners of parent (Millions of yen)

6,211

16,097

Profit (loss) not attributable to commonshareholders(Millions of yen)––

Profit attributable to owners of parent pertaining tocommon shares(Millions of yen)

6,211

16,097

Average number of outstanding common shares during
the period(Thousands of shares)

38,35137,498Material subsequent events(Introduction of restricted share-based remuneration plan)
At the Board of Directors meeting held on April 30, 2024, the Company revised the remuneration
plan for Directors and Audit & Supervisory Board Members and resolved to introduce a restricted
share-based remuneration plan (the “Plan”). Accordingly, the Company decided to submit a
proposal regarding the Plan at the 157th Annual Shareholders’ Meeting scheduled to be held on
June 27, 2024. For details, please refer to the “Notice Regarding the Introduction of a Restricted
Share-Based Remuneration Plan” (in Japanese only) released on April 30, 2024.

- 20 -

Furukawa Co., Ltd. (5715)

Supplementary Material on Financial Results
for the Fiscal Year Ended March 31, 2024
May 13, 2024
Furukawa Co., Ltd.
Net sales(Yen amounts are rounded down to millions.)
Fiscal year ending March 31, 2025

Machinery businessIndustrial Machinery segment
Rock Drill Machinery segment
UNIC Machinery segment

Fiscal year ended
March 31, 2024

Year-on-year change

82,085427

87,7005,614

15,54838,682(2,394)
2,930

19,10036,2003,551(2,482)Year-on-yearchangeForecast

27,853(108)

32,4004,546

Materials business

100,388(26,416)

93,600(6,788)

Metals segment

84,712(26,711)76,700(8,012)

Electronics segment
Chemicals segment

6,766
8,908

(159)
454

7,700
9,200

933
291

Real Estate segment

1,873

(182)

2,100

226

Others segment

3,908

237

4,300

391

188,255(25,934)

187,700

(555)

Total

Operating profit
Fiscal year ending March 31, 2025
Fiscal year ended
March 31, 2024
Machinery businessYear-on-year change

Year-on-yearchangeForecast

5,696

(397)

7,400

1,703

Industrial Machinery segment
Rock Drill Machinery segment

389
4,148

(1,125)
1,117

1,900
3,100

1,510
(1,048)UNIC Machinery segment

1,158

(389)

2,400

1,241

Materials business

2,765

456

1,000

(1,765)

Metals segment

1,945

668

0

(1,945)

212
608

(288)
75

400
600

187
(8)

470

(365)

600

129

Electronics segment
Chemicals segment
Real Estate segment
Others segment

(293)

(160)

(200)

93

(Subtotal)

8,638

(466)

8,800

161

Eliminations/corporate

(114)

(41)

(100)

14

8,524

(507)

8,700

175

Total

Exchange rate・Copper priceFiscal year ending March 31, 2025
Fiscal year ended
March 31, 2024

Year-on-year change

Forecast

Year-on-yearchangeExchange rate

Yen/$

144.6

9.1

145.0

0.4

Copper price

$/mt

8,362

(189)

9,000

638

- 21 -

Furukawa Co., Ltd. (5715)* Reference Information (the below values are reference values)
1. Industrial Machinery segment order balance
The Industrial Machinery segment mainly provides built-to-order manufacturing, and the order balance
as of the end of the fiscal year under review is as follows.
As ofMarch 31, 2024
Order backlog

Year-on-year change¥15.8 billion¥1.6 billion

2. Profit or loss from metal price fluctuations in the Metals segment
Fiscal year ended
March 31, 2024
Operating profit
Of which was due to priceYear-on-year change¥1.94 billion¥0.66 billion

fluctuations
Copper

¥1.31 billion¥0.13 billion[¥0.18 billion][¥0.10 billion]

Gold[¥1.03 billion][¥0.01 billion]- 22 -